Barclays Upgrades ProPetro (NYSE:PUMP) to Overweight

ProPetro (NYSE:PUMP) was upgraded by equities research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Thursday, Marketbeat reports. The firm currently has a $23.00 price objective on the stock, up from their previous price objective of $14.00. Barclays‘s price objective points to a potential upside of 46.52% from the stock’s current price.

PUMP has been the subject of several other research reports. Piper Sandler upped their price target on shares of ProPetro from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Bank of America started coverage on shares of ProPetro in a report on Monday, March 30th. They issued a “buy” rating and a $18.00 price target for the company. Citigroup upped their price target on shares of ProPetro from $16.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday. Weiss Ratings cut shares of ProPetro from a “sell (d+)” rating to a “sell (d-)” rating in a report on Monday. Finally, The Goldman Sachs Group began coverage on shares of ProPetro in a report on Friday, April 10th. They issued a “neutral” rating and a $15.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, ProPetro has a consensus rating of “Moderate Buy” and a consensus target price of $16.13.

ProPetro Stock Up 0.9%

ProPetro stock opened at $15.70 on Thursday. The stock has a market capitalization of $1.92 billion, a PE ratio of -142.70 and a beta of 0.75. ProPetro has a twelve month low of $4.51 and a twelve month high of $18.50. The company has a quick ratio of 1.57, a current ratio of 1.64 and a debt-to-equity ratio of 0.08. The company has a 50 day moving average of $14.34 and a 200-day moving average of $11.57.

ProPetro (NYSE:PUMP) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.09. The company had revenue of $270.69 million during the quarter, compared to analysts’ expectations of $277.49 million. ProPetro had a negative net margin of 1.05% and a negative return on equity of 1.43%. The business’s quarterly revenue was down 24.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.09 earnings per share. On average, equities research analysts anticipate that ProPetro will post -0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PUMP. Tudor Investment Corp ET AL bought a new stake in ProPetro during the third quarter worth $2,280,000. American Century Companies Inc. raised its position in ProPetro by 5.4% during the third quarter. American Century Companies Inc. now owns 3,748,788 shares of the company’s stock worth $19,644,000 after acquiring an additional 192,638 shares in the last quarter. Quantbot Technologies LP raised its position in ProPetro by 50.5% during the third quarter. Quantbot Technologies LP now owns 262,804 shares of the company’s stock worth $1,377,000 after acquiring an additional 88,152 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in ProPetro during the third quarter worth $1,569,000. Finally, JPMorgan Chase & Co. raised its position in ProPetro by 103.4% during the third quarter. JPMorgan Chase & Co. now owns 1,648,055 shares of the company’s stock worth $8,636,000 after acquiring an additional 837,776 shares in the last quarter. Institutional investors and hedge funds own 84.70% of the company’s stock.

ProPetro Company Profile

ProPetro Holding Corp is a publicly traded oilfield services company that specializes in hydraulic fracturing and well completion solutions for exploration and production operators. Headquartered in Midland, Texas, the company delivers a comprehensive suite of pressure pumping services designed to optimize reservoir stimulation and enhance hydrocarbon recovery. Its integrated approach encompasses well design, proppant selection, fluid systems and pressure management to support clients’ development targets across unconventional plays.

The company’s core offerings include high-pressure fracturing, coiled tubing, cementing, acidizing and flowback services, all supported by in-house logistics and digital monitoring tools.